Subject:
Title
Approval for the Florida Local Government Finance Commission (FLGFC) to issue private activity bonds for Westminster Retirement Community, Inc.
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Fiscal Impact:
There is no obligation or liability to the County for the requested action.
Dept/Office:
County Manager/Central Services
Requested Action:
Recommendation
Request the Board of County Commissioners to adopt a Resolution evidencing the County's written approval to issue conduit revenue bonds by the Florida Local Government Finance Commission on behalf of Westminster Retirement Communities, Inc. for the financing and refinancing facilities, of which one facility is located within Brevard County, Florida.
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Summary Explanation and Background:
The Board of County Commissioners (the Board) approved the First Amendment to Interlocal Agreement (Interlocal Agreement), dated June 1, 2023. Section 5.03. of the Interlocal Agreement requires the Board to provide written approval for the Florida Local Government Finance Commission (FLGFC) to issue bonds for projects within Brevard County.
Westminster Retirement Communities, Inc., a/k/a Westminster Communities of Florida, is the largest not-for-profit senior living provider in the State of Florida. It serves over 7,000 residents in 22 communities throughout the state, including offering active, independent living, assisted living, and nursing care in its 10 Continuing Care Retirement Communities. These communities are also affordable for low-income seniors. The communities to be financed and refinanced with proceeds of the proposed FLGFC are in Brevard, Duvall, Orange, and Sarasota Counties. The facility in Brevard County, Asbury South, is a 150-unit, low-income senior housing facility located at 1430 Dixon Blvd., Cocoa, Florida.
The County's Bond Counsel, Nabors, Giblin & Nickerson, has reviewed the approving resolution and the other information provided by Westminster Retirement Communities, Inc. The resolution proposed to be adopted by ...
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